Hennessy Absorbs FBR

Share with Email

sending now...

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Novato, Calif.-based Hennessy Advisors wrapped up its acquisition of assets from 10 fund products of FBR Funds. The FBR funds have been reorganized into the Hennessy Funds line, bringing Hennessy’s total assets under management to some $3.1 billion and the total number of shareholders to about 180,000.

“I want to personally thank the shareholders of the FBR Funds for their vote of confidence and welcome them to the Hennessy family of funds,” said Hennessy Advisors chairman and CEO Neil Hennessy, in a press release.

Seven of the 10 FBR funds will continue to be managed by the portfolio managers that have overseen the portfolios in the recent past; the investment objectives remain the same for these funds.

The remaining three FBR funds will be transferred into existing Hennessy funds with a similar investment objective: The FBR Large Cap Fund is being put into the Hennessy Cornerstone Large Growth Fund; the FBR Mid Cap Fund is becoming part of the Hennessy Focus 30 Fund; and the FBR Small Cap Fund is merging with the Hennessy Cornerstone Growth Fund.

Janet Levaux

Janet Levaux, MA/MBA, is Editor in Chief of "Investment Advisor" magazine; she has covered the financial markets since 1991 and advisors since 2005.

ThinkAdvisor

Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.

Exclusive discounts on ALM and ThinkAdvisor events.

Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.